German Government Transfers Millions in Bitcoin to Exchanges 🇩🇪
The German government has been on a selling spree, transferring a significant amount of Bitcoin to exchanges recently. Here’s a breakdown of what’s been happening:
BTC Transfers to Coinbase and Bitstamp
- Addresses linked to the German government moved 250 BTC each to Coinbase and Bitstamp.
Further Bitcoin Transfer
- An additional 500 BTC worth $28 million was sent to an undisclosed address.
German Government’s Bitcoin Holdings
- The German government currently holds 38,826 BTC seized from criminal cases, valued at over $2.23 billion.
Impact on Bitcoin Price
- Recent sell-offs by the German government have caused the price of Bitcoin to drop below $55,000, affecting the wider crypto market.
Recovery and Criticisms
- Bitcoin has since recovered to around $57,590, with criticism from lawmakers regarding the government’s strategy for handling Bitcoin.
Bitcoin Selling Pressure and Future Outlook 📉
Analysts predict that selling pressure on Bitcoin is likely to continue due to Germany’s recent actions and the ongoing Mt. Gox restitution process:
Mt. Gox Repayments
- Users are awaiting restitution of up to $7.7 billion from the Mt. Gox hack, with repayments expected to start in July.
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